Start by preheating your oven to 325° F. Thoroughly season the beef chunks on all sides with kosher salt and black pepper, then toss them in flour to create a nice coating.
Heat the olive oil in an 8-quart Dutch oven over medium heat. Brown the beef chunks in batches, being careful not to crowd the pot; this usually takes a few minutes per side to get a good sear. Once browned, set the beef aside.
In the same pot where you browned the meat, add the chopped onion, garlic, and carrot. Cook these for a few minutes until they soften and the onion becomes slightly translucent.
Next, add the diced potatoes, beef broth, tomato paste, bay leaf, thyme, and Worcestershire sauce to the pot. Make sure to scrape up any browned bits from the bottom – those add wonderful flavor!
Return the browned beef to the pot and cover it. Transfer everything to the oven, allowing it to cook until the beef becomes fork-tender, typically for a couple of hours.